On August 14, start on the path to better financial shape. We will show you to become a smarter saver, become budget-wiser so that you keep more of your money, and reduce your debts. Why the 14th? It’s National Financial Awareness Day, a great moment to build your financial future.
Let’s start with savings. You are probably not putting away enough money for health care costs. Did you know that medical expenses account for two-thirds of all personal bankruptcies? Don’t feel bad. One recent study found that 68% of pre-retirees lack a clear picture of their long-term healthcare expenses.
Here’s one possible solution: Open a Health Savings Account, or HSA. The funds you put away today are deductible from your federal taxes. After you turn 65, you can withdraw tax-free to pay deductibles, copayments, coinsurance, and other qualified medical expenses. Even better, you can use the funds now to pay for current health expenses. Learn more information on Tropical Financial’s HSA, which has competitive savings rates on MMAs and CDs.
Minimize your credit card debts by automatically setting aside money for vacations and holiday expenses. Thinking about travel this fall or in late December? Don’t charge your airfare, hotel or rental car. You will pay between 22% and 24% in interest on your credit card, according to industry surveys.
You’re much better off with a savings club account that you start funding today. Tropical Financial can set up automatic transfers from the direct deposit of your paycheck into a savings account. For the latest rates and club details, click here.
Getting your finances in order can feel overwhelming. Get free counseling from our accredited financial coaches. They will help you create and stick to a budget, buy a home, finance a child’s college education and more. Click here to learn more about what’s offered, including online tools, webinars, and a free BalanceTrack course on personal finance.
If you’re starting your financial journey in college or the workplace, our Elements of Money will show how to pay (or repay) for your education, and how to master financial fundamentals like buying a car and starting a business. A podcast will help you create a personalized money map, and the quizzes will help you build your credit score and avoid identity theft.
It’s all part of Tropical Financial Credit Union’s advocacy for its members and the communities it serves. Join us on National Financial Awareness Day in committing to a better financial future.